Mass. 49th in nation for women-owned business growth
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Women owned businesses are booming across the United States, but Massachusetts is far behind the growth trend.
A new study has ranked Massachusetts as the second worst state in the nation for growth in women-owned businesses over the last nine years, bucking a trend of huge growth nationwide.
The 2016 State of Women-Owned Businesses Report, commissioned by American Express OPEN, found in the last nine years, the number of women-owned firms nationwide rose by 42 percent with women starting 1,072 (net) new businesses per day. Over the past nine years, the number of women-owned firms has grown at a rate fully five times faster than the national average, according to the study.
Additionally, the report indicates that women-owned firms now number 11.3 million, employ nearly 9 million people and are generating more than $1.6 trillion in revenue.
However, the report found that Massachusetts lagged behind national numbers with only a 16.9 percent increase in the number of firms over the past nine years and 18.7 percent in growth of firm revenue between 2007 and 2016.
Only New Hampshire fared worse than Massachusetts for women-owned business growth. Florida led the nation in growth.
WBJ Web Partners
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